Housing affordability varies across the country

The home price level is vastly different in some parts of the country compared to others, as cities with technology industries often have the most expensive properties.

The home price level is vastly different in some parts of the country compared to others, as cities with technology industries often have the most expensive properties.

Real estate records from Coldwell Banker showed the most expensive area in the country is Northern California. Specifically, Los Altos has an average price of $1.7 million for a home with four bedrooms and two bathrooms.

The most affordable spot in the country is Redford, Michigan, where the same type of home sold for approximately $60,000, according to the firm's latest edition of its Home Listing Report, which covers the first six months of this year. Overall the average home price for the entire nation is slightly more than $292,000.

"The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area," said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area. "Listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations to live."

California's markets are least affordable, Hawaii most expensive state
In addition to Los Altos, California cities held the next four most expensive spots on the report's list. Newport Beach has an average home price of nearly $1.7 million, while Saratoga was $1.58 million. Additionally, Menlo Park's home price exceeded $1.5 million, and Palo Alto's figure was $1.49 million.

Hawaii was named the most expensive state to live in, as the state's average home price was $742,551, according to the firm's property data. Massachusetts posted a figure of more than $489,000, while California's was $431,625.

The most affordable state in the country was Nebraska, as the home price average was $145,360, the report added. Iowa's figure was slightly more than $162,500, and Georgia rounded out the top three with an average four dollars higher.

Median home prices also increased in recent months. According to a report from the National Association of Realtors, the median existing home price was $186,100 last quarter, which was more than 7 percent higher than the same three months in 2011.



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